Elliman Report: Manhattan, Brooklyn & Queens Rentals 8-2018

MANHATTAN The Manhattan market reliance on concessions continued to press the vacancy rate lower despite the slide in rents. The market share of landlord concessions, including free rent and brokerage commissions, rose to 34.7% from 24.1% in the same month a year ago and was the 39th consecutive month with such an increase. The concession market share…

BROOKLYN The Brooklyn rental market continued to see an expanding share of new development product introduced to the market and weaker price trends for larger sized apartments. The market share of new development rentals was 19.4% of all leasing activity and was up year over year for the seventh consecutive month. Net effective median rent slipped nominally to $2,950 from the same period a year ago…

NW QUEENS The overall market share of landlord concessions for the northwest region of Queens slid as average apartment size and price trends generally expanded. Landlord concessions declined for the second consecutive month after sixteen successive months of year over year gains. There was a 3% year over year decline in new development concession market share to 79.4% as landlords were less aggressive in initial pricing…

Matrix Blog

An earlier version of this post appeared in my weekly Housing Notes, March 15, 2019 edition. I’ve since added more information and insights as the situation unfolds. This proposed “pied-a-terre” tax law has a name that infers it concerns “pied-a-terres”… Read More